06.2 bird in the hand
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The document discusses effectual thinking and means-driven entrepreneurship. It provides examples of how William Kamkwamba started businesses using only the means and resources available to him. The document contrasts means-driven and goals-driven approaches, noting advantages of the means-driven approach include not having to wait for perfect opportunities or resources, and increasing opportunities for innovation and learning from failures. It also instructs readers to inventory their own means, knowledge, contacts, and resources as a first step in effectual entrepreneurship.
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06.2 bird in the hand
- 1. The Science of Start Bird-in-the-hand paulshawsmith scientific business strategy
- 3. 27 entrepreneurs 3 40 to start ups $200 million to $6 billion 1 IPO Source: Sarasvathy (2007) Interview with 27 expert entrepreneurs
- 4. Bird-in-the-hand paulshawsmith scientific business strategy
- 5. (Selecting between given means to achieve a pre-determined goal) Market Research Knowledge Market People Gap Plan Resources Causal thinking
- 6. (Imaging a possible new end using a given set of means) Outcome Opportunities Outcome Resources Outcome Knowledge Outcome Outcome People Outcome Source: Sarasvathy (2007) Effectual thinking
- 7. Gum trees Bicycle pump Piping Library books Motivation to help William Kamkwamba
- 9. In groups of 3 – 4: * List all the advantages of being means driven rather than goals driven. * Work with what you have rather than focus on doing it perfectly. * Time: 10 minutes Means driven vs. Goal driven
- 10. • You are not chasing investors. AMAR BHIDE • You are not waiting for the perfect opportunity or perfect set of resources. • You are working with your strengths without having to overcome your weaknesses first. • Good stakeholders want to shape goals, not just provide means. • You are increasing the possible stakeholder who can self- select in your venture. • You are increasing the probability of innovative surprises. • You are increasing the likelihood of finding or creating opportunities that are a better fit for you. • You are increasing the likelihood of even failures being learning experiences that you can recover form faster and build on when you are ready to try again. • You are forcing yourself to get creative with meager resources including slack resources and even waste. paulshawsmith scientific business strategy
- 11. When are goals useful and when are goals harmful? paulshawsmith scientific business strategy
- 12. Inventory your means Who you Who you What you What you Who you Who you know know know know Are Are Your rolodex Your prior Tastes, value knowledge s and preferences Classmates Knowledge Passions from your job Serendipitous Knowledge Hobbies encounters from life The strangers Informal Interests in your life learning, ho bbies paulshawsmith scientific business strategy
- 13. Inventory your means AMAR BHIDE What means did you acquire or build: • As a teenager. • At school. • At university. • In your first, second, etc…. Job • In your private life. • With your hobbies, activities, etc. • From your parents. paulshawsmith scientific business strategy
- 14. In groups of 3 – 4: * For each person: * Create a list of all your things, knowledge, people, money & contacts * Whom do I know? What things do I have? * What do I know? What money do I have? * Time: 20 mins Inventory your resources